Market Mapping

GAIN A CLEAR & FOCUSED VIEW OF YOUR COMPETITIVE ENVIRONMENT

 

Know Your Market, Win Your Market

Take a snapshot of the environmental, competitive and potentially disruptive variables surrounding your business.

Growth Drivers

Uncover the environmental factors and consumer behaviors that led to market growth and future opportunity.

Trends & Opportunities

Follow changes in consumer demands and preferences to capitalize on emerging market segments.

Threats & Blind-Spots

Be prepared to adapt and adjust to sudden market shifts by regularly examining your competitive environment.

Risk Mitigation

A holistic understanding of your market as it exists today will support informed, confident decisions.

Growth Drivers

Understanding the past is a great place to start when strategically planning for the future. Consider market conditions and consumer preferences as they exist today, then examine the historical timeline of economic, social, political and technological shifts that have impacted your industry. By highlighting the environmental factors that have shaped consumer behavior, your brand will be equipped with consumer insights explaining the why, how and when of significant market shifts.

This high-level, macro-economic perspective will ensure all variables are considered when identifying the micro-factors most relevant to your industry and/or market. Plotting key historical points on a customer development timeline creates a visual representation of the path-to-today and will act as a guide when discussing how current market conditions might impact future consumer behavior.

Trends & Opportunities

The world is changing at an exponentially rapid pace, so a major competitive advantage is strategic agility. Quick decision and efficient implementation can be the difference between gaining or losing market share as windows of opportunity open and close. Brands that understand their surroundings and create action plans based on market insights are best equipped to take proactive rather than reactive measures.

Consumers are complex and unique individuals whose purchase decisions are influenced by a broader spectrum of attributes than the traditional price, product, placement, and positioning. Of course these are still relevant, but modern consumers are looking for more. Factors that may not seem to align at first glance are now connected (i.e. social justice and beverage purchases). The Market Mapping process will not only uncover the pieces it will act as a guide to reveal how the pieces fit together.

Threats & Blind-Spots

Just like having a map on a road trip, Market Mapping defines the surrounding area so decision makers can see where they’re going, stay on track and safely reach their destination. A clearly illustrated framework of your competitive environment enables your team to run through possible scenarios and how the market might react under specific circumstances.

There’s no way to predict the future with absolute certainty but there are ways of applying market insights to improve success probabilities. Rather than conducting a series of trial-and-error initiatives, conducting research prior to forward-thinking strategic development will support informed decision making today and establish benchmarks for comparative analysis in the future.

Risk Mitigation

It’s easy to become narrow-sighted and overly focused on one objective to the point where surrounding activity is unnoticed; especially with the rapid progression of technology and emerging consumer trends. The most successful brands will occasionally take a step back for a high-level, impartial look at the overall market landscape for a refreshed perspective on how their business fits into the bigger picture.

Detailed Market Mapping not only acts as a preventative measure by exposing threats and potential danger, it will also uncover secondary variables that may be flying under the radar. This dual-benefit will swing the competitive balance in your favor by equipping your organization with the insights needed to make confident decisions; both short-term and long-term.

JennyMarket Mapping